Which of the Following Terms Refers to a Short Period

question 140

Multiple Choice

Which of the following terms refers to a short period of falling incomes and rising unemployment?

• A)depression
• B)recession
• C)expansion
• D)business cycle

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Definitions:

Oral Contract

An oral contract is an agreement between parties that is spoken and not written down, yet is legally binding, although more difficult to prove than written contracts.

Corporate Client

A business entity that receives services or advice from a professional firm.

Plaintiff Lawyer

A legal professional who represents the complainant or victim initiating a lawsuit in a court of law.

Generally Accepted Accounting Principles

A set of accounting standards, principles, and procedures that companies must follow when compiling their financial statements in the U.S.